HK stocks fall as mainland edges up on policy pledges
Mainland stocks closed slightly up on Tuesday after the country's cabinet pledged to step up counter-cyclical policy support to address rising economic strains, though trading remained thin ahead of the upcoming National Day Golden Week holiday. In Hong Kong, the benchmark Hang Seng Index fell 118 points, or 0.5 percent, to 24,523 on turnover of HK$184.63 billion. The tech index was 46 points, or 1.1 percent, down at 4,249 while the China enterprises index slipped 38 points, or 0.5 percent, to 8,178. Shares of fast-fashion platform Shein Global Holdings fell to their lowest level since the firm's debut on September 1. On the mainland, the benchmark Shanghai Composite Index rose six points, or 0.18 percent, to 3,830. The Shenzhen Component Index rose 43 points, or 0.34 percent, to 12,901 while the ChiNext Index inched two points, or 0.09 percent, higher to 3,142. The country's developers led gains onshore, with Vanke shares up 10 percent, after the State Council meeting vowed to roll out measures to stabilise the property market. "We expect policymakers to further broaden the use of housing provident funds to slightly reduce weighted-average mortgage rates, and more large cities to introduce local housing easing measures," analysts at Goldman Sachs said in a note. Sentiment among...
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